Fiduciaries hold positions of trust and authority because they are acting on behalf of another person, their estate and/or a legal entity. A fiduciary has a legal obligation to place that person’s interests above their own. The following are common examples of fiduciaries.
All fiduciaries have important legal obligations. Specific responsibilities may vary depending on the legal instrument involved, the assets and finances at stake, and other individual circumstances, however, all fiduciaries share the fundamental duties of (i) care and diligence in handling assets and managing finances and (ii) loyalty and impartiality in placing the beneficiaries’ interests above their own and treating all beneficiaries fairly, which includes avoiding conflicts of interest.
If a fiduciary breaches these duties, he or she may be held personally liable for the resulting harm through a breach of fiduciary duty claim. We have represented clients on both sides of the dispute from the trust beneficiaries to the trustee (and vice versa) and the ward to the guardian of the person and/or estate, who is charged with alleging breaching his or her duties, and vice versa.
If you have concerns about a fiduciary’s acts or omissions on behalf of another, or you are a fiduciary being accused of such acts or omissions, please call or e-mail us to make an appointment to discuss the matter.